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CONCENTRATIONS AND RISKS | 6 Months Ended
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Jun. 30, 2025
Risks and Uncertainties [Abstract] |
CONCENTRATIONS AND RISKS | 17. CONCENTRATIONS AND RISKS Concentrations Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. The following table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue:
Schedule of total revenue |  |  |  |  |  |  |  |
|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Customer A |  |  | 8,731 |  |  |  | 19,481 |
Customer B |  |  | N/A(i) |  |  |  | 15,193 |
Customer C |  |  | N/A (i) |  |  |  | 10,965 |
(i) | Revenue from the relevant customer was less than 10% of the Company’s total revenue for the respective period.
The following table sets forth a summary of single customers who represent 10% or more of the Company’s total gross accounts receivable:
Schedule of total accounts receivable |  |  |  |  |  |  |  |
|  | December 31, 2024 |  |  | June 30, 2025 |
|  | US$’000 |  |  | US$’000 |
Customer A |  |  | N/A(ii) |  |  |  | 2,968 |
Customer B |  |  | N/A(ii) |  |  |  | 5,152 |
Customer C |  |  | N/A (ii) |  |  |  | 6,590 |
Customer D |  |  | N/A(ii) |  |  |  | 2,964 |
Customer E |  |  | 2,204 |  |  |  | N/A(ii) |
(ii) | Accounts receivable from relevant customers was less than 10% of the Company’s total gross accounts receivable for the respective year/period.
The following table sets forth a summary of suppliers who represent 10% or more of the Company’s total purchases:
Schedule of total purchases |  |  |  |  |  |  |  |
|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Supplier A |  |  | 17,483 |  |  |  | N/A(iii) |
Supplier B |  |  | 9,470 |  |  |  | 24,225 |
Supplier C |  |  | 8,647 |  |  |  | N/A(iii) |
Supplier D |  |  | N/A(iii) |  |  |  | 13,489 |
Supplier E |  |  | N/A(iii) |  |  |  | 11,056 |
Supplier F |  |  | N/A (iii) |  |  |  | 9,660 |
(iii) | Purchase from relevant suppliers was less than 10% of the Company’s total purchase for the respective period.
The following table sets forth a summary of suppliers who represent 10% or more of the Company’s total accounts payable:
Schedule of total accounts payable |  |  |  |  |  |  |  |
|  | December 31, |  |  | June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Supplier A |  |  | 3,370 |  |  |  | N/A(iv) |
Supplier B |  |  | 1,726 |  |  |  | 7,572 |
Supplier D |  |  | N/A(iv) |  |  |  | 6,003 |
Supplier E |  |  | N/A(iv) |  |  |  | 2,905 |
Supplier F |  |  | N/A(iv) |  |  |  | 2,802 |
Supplier G |  |  | N/A(iv) |  |  |  | 3,060 |
(iv) | Accounts payable from relevant suppliers was less than 10% of the Company’s total accounts payable for the respective year/period.
Credit Risk Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (exclude prepayments), financial instrument and cash and bank deposits presented on the unaudited interim condensed consolidated balance sheets. The Company has no other financial assets which carry significant exposure to credit risk. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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